POST UTME DELSU 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows the following accounts: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Goods | | ₦15,000 | | Sales | ₦20,000 | | What is the total of the debit and credit balances?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 2
A company uses the single-entry system of accounting. The following transactions were recorded in the cash book for the month of January:
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 3
The partnership accounts of XYZ Ltd. show a profit of ₦120,000. The capital of the partners is divided in the ratio 3:5:7. If the total capital is ₦600,000, calculate the amount of profit to be divided among the partners.
A. ₦36,000
B. ₦60,000
C. ₦90,000
D. ₦120,000
Question 4
A trader purchases goods for £ 10,000 and sells them for £ 15,000. Calculate the profit made by the trader.
A. £ 5,000
B. £ 10,000
C. £ 15,000
D. £ 20,000
Question 5
A company's bank reconciliation statement as at 31st December, 2023 is as follows:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 6
A company's assets are valued as follows: Buildings ₦200,000, Machinery ₦150,000, and Vehicles ₦100,000. The company uses the straight-line method of depreciation. Calculate the amount of depreciation for the year.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 7
A company uses the straight-line method of depreciation. If the cost of the asset is ₦120,000 and its residual value is ₦20,000, what is the annual depreciation charge?
A. ₦50,000
B. ₦60,000
C. ₦80,000
D. ₦90,000
Question 8
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to the share capital account. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital 30,000, Credit Cash 30,000
B. Debit Share Capital 10,000, Credit Cash 10,000
C. Debit Share Capital 30,000, Credit Cash 10,000
D. Debit Share Capital 10,000, Credit Cash 30,000
Question 9
A company's balance sheet shows the following assets: | Asset | Value | | --- | --- | | Cash | ₦10,000 | | Goods | ₦15,000 | | Equipment | ₦20,000 | What is the total value of the assets?
A. ₦45,000
B. ₦50,000
C. ₦55,000
D. ₦60,000
Question 10
A government agency has the following transactions: Revenue ₦1,000,000, Expenditure ₦800,000, and a loan of ₦200,000. What is the net result of these transactions?
A. ₦200,000 Surplus
B. ₦100,000 Surplus
C. ₦100,000 Deficit
D. ₦200,000 Deficit
Question 11
A company's partnership accounts as at 31st December, 2023 are as follows:
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 12
A company's trading account shows a profit of ₦500,000. The profit is transferred to the profit and loss account, but ₦200,000 is also transferred to the reserve fund. What is the net result of these transactions?
A. ₦300,000 Profit
B. ₦200,000 Profit
C. ₦300,000 Loss
D. ₦200,000 Loss
Question 13
In a partnership account, the capital introduced by a partner includes the initial investment and the share of profits or losses carried forward from previous years. Which of the following is NOT a component of a partner's capital?
A. Drawings
B. Initial Investment
C. Share of Profits
D. Share of Losses
Question 14
A company's cash book shows the following transactions for the month of January:
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 15
A company's profit and loss account shows the following: | Revenue | £ 150,000 | | Cost of Goods Sold | £ 100,000 | | Gross Profit | £ 50,000 | Calculate the company's net profit.
A. £ 25,000
B. £ 50,000
C. £ 75,000
D. £ 100,000

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